Date
Timeline Description

The $12 million Steel Mill and Railway Project will finance the purchase of equipment for the Luxembourg steel industry and rolling stock for its railways.

Detail Description

By 1947, the Luxembourg government, having exhausted its restricted means of raising money domestically and being unable to borrow abroad to cover its extraordinary budgetary deficit, is taking over certain external assets reserved for modernization of its steel industry. The $12 million Steel Mill and Railway Project will finance the purchase of equipment for the Luxembourg steel industry and rolling stock for its railways. It is designed to increase national production and export potential. The equivalent of nearly $1 million USD will be disbursed in Belgian francs, making this the Bank's first use of non-dollar capital in its lending operations.

Image Timeline
Correspondence from Luxembourg President and Minister of Finance Pierre Dupong to World Bank President Meyer (1872255).
Image Timeline Caption

Correspondence from Luxembourg President and Minister of Finance Pierre Dupong to World Bank President Meyer (1872255).

Resource
Title
Steel Mill and Railway Project
Description
P037451: Approved Aug. 28, 1947
The profile contains project and financial information and lists of project documents and archival records.
Image
Steel Mill and Railway Project
Event
4
Title
History of the Luxembourg loan application
Image
History of the Luxembourg loan application
Description

March 25, 1947
This document prepared by Bank staff provides a timeline of events related to the Luxembourg loan application (1872255).

Event
4
Title
Correspondence from President Dupong to President Meyer
Image
Correspondence from President Dupong to President Meyer
Description

Nov. 3, 1946
Pierre Dupong, President of the Luxembourg Government and Minister of Finance, writes to President Meyer to confirm his government's intention to request Bank assistance (1872255).

Event
4
Title
Post-War Reconstruction Project: President's Report
Image
Post-War Reconstruction Project: President's Report
Description
Document date: Aug. 28, 1947
The report provides the justification, appraisal, and recommendation for the loan.
Event
4
Title
Post-War Reconstruction Project: Working Party Report
Image
Post-War Reconstruction Project: Working Party Report
Description
Document date: 1947
The report includes the loan application, history and structure of the Luxembourg economy, and the country's post-war rehabilitation program.
Event
4
Title
Transcript of the 106th Meeting of Executive Directors
Image
Transcript of the 106th Meeting of Executive Directors
Description
Document date: Aug. 28, 1947
Document contains Board discussion concerning the Luxembourg loan.
Event
4
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